An autorickshaw hailing firm, Jugnoo has able to raise fund of nearly $10 million from renowned companies like Paytm, Snow Leopard and Rocketship.vc. The venture capitalists funded the start-up company just because of the rising demand of autorikshaw within city. The company is determined to provide hyper local services to its customers dealing with groceries, FMCG, edibles, and many more. Till date it has 10,000 vehicles in a network as per the growing demand.
According to Samar Singla, CEO and Co-Founder of Jugnoo, The autorikshaw drivers are ready to go with latest technologies and adapt the usage. The increase in demand will help in driving efficiency and the fund raised would improve the quality. As of now, it is in a growing phase but will soon acquire the commuting market as per on-growing demand.
Recently, autorickshaw firm Jugnoo acquired Yelo, a consumer-to-consumer mobile platform as well as Chandigarh based firm Bistro, a Do-It-Yourself platform in chain of restaurants category. It was in the news for acquisition of BookMyCab and Pune based autorikshaw commuting chain Autowale. Later on, the deals were set free for few reasons.
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Senior Vice President of Paytm, Kiran Vasireddy, stated that Jugnoo has enough potential to stay in competitive market of commuting. The growing demand has helped them to set up a different way of public transportation. Also, the acquisitions of two large companies will help the firm to grow in terms of technology and user friendly.
Therefore, investment of $10 million of Paytm, Snow Leopard and Rocketship.vc is only the beginning of its third phase fund raising. The company had previously tried to raise fund of $3 millions last November, 2015 and $2.5 millions January , 2016. This time third phase Season B fund raising amount which is $10 millions will help the company grow rapidly.
Despite of the tough competition in Indian public transportation market, Jugnoo will live up to the end-users expectation for its innovative ideas and technology based commuting services by smart auto-rickshaw drivers. The company has already started its service in Phillipines marking a huge success in the country. The same ought to be featured in India for a successful business regardless of various companies in competition providing technology based transportation available in cities.